Consumer Intelligence Series: Protect.me

An in-depth look at what consumers want, what worries them and how companies can earn their trust—and their business.

How consumers see cybersecurity and privacy risks and what to do about it

How concerned are consumers about cybersecurity and privacy risks? Do they believe companies and the government are doing enough to protect their personal information? Do they feel they are in control of their data? And what does it take to win their trust?

It’s critical that companies understand and respond appropriately to their customers’ cybersecurity concerns. To earn consumers’ trust, you must vigorously protect customers’ data while respecting individual privacy, even as you look for ways to monetize that data.

Methodology: During August and September 2017, PwC surveyed a nationally representative sample of 2,000 Americans over the age of 18 via an online survey and video interviews.

Key findings

of consumers feel they have complete control over their personal information.

of consumers believe businesses, not government, are best equipped to protect them.

For consumers, cyberattacks are personal

Forty-five percent of respondents believe their email or social media accounts will get hacked in the next year—more than those who assume they’ll have a flight cancelled (36%) or get in a car accident (20%).

The stark reality is that consumers trust companies less today than in the past. Only 12% of consumers said they trust companies more than they did a year ago, and only 17% trust companies more today than a decade ago.

The path to trust: giving customers control and providing transparency

Consumers want control over their data, but don’t feel like they have it

Only 10% of consumers feel they have complete control over their personal information.

More than half of consumers (53%) say they’d make an effort to get their personal information back from a company if they had the option.

The stakes are high. If companies don’t adequately protect consumer data, they risk suffering consequences from regulators and backlash from consumers who say they will take their business elsewhere.

Furthermore, 71% would stop doing business with a company for giving away their sensitive data without permission.

What types of businesses do consumers trust most?

Consumers’ trust varies by industry

In PwC’s 20th Global CEO Survey, 69% of CEOs said it is becoming much more difficult for businesses to earn and keep trust in a digital world.

Our research on consumer attitudes found that their trust varies by industry:

Banks and hospitals tie as most trusted when it comes to privacy and cybersecurity, outranking healthcare providers, nonprofits and online retailers.

Social media companies, advertising agencies and startups are less trusted than firms in other sectors and need to be proactive in maintaining consumer trust.

After a data breach, can companies earn back consumer trust?

Consumers are willing to forgive, but their trust can only be regained if companies implement real changes in the wake of a breach.

Although no single action will win back every customer, some measures are more likely to resonate with consumers—including compensation for victims, a detailed explanation of what happened and a clear description of the privacy policies in place.

Consumers want businesses to be responsive, transparent and to take steps to ensure a breach does not happen again.

Consumers see some emerging technologies as a risk to their privacy

Consumers are concerned about the cybersecurity and privacy implications of certain emerging technologies.

Twenty-five percent of consumers see our growing reliance on technology as one of the top threats facing humanity over the next 50 years.

In response, businesses are starting to focus on strategies and investments to counter such risks, although according to our Global State of Information Security® Survey, most companies have yet to implement an integrated Internet of Things (IoT) cybersecurity program.

As emerging technologies such as artificial intelligence and the IoT take root, governments and businesses may be forced to explore comprehensive new measures to address consumers’ data and privacy rights.

A call to action driven by customers’ concerns

As the frequency and scale of data breaches continue to rise, so do consumer worries. Companies must understand and address these concerns or risk losing business. To thrive in the new data economy, companies should:

Understand how consumers feel

Be transparent when using new technology

Companies that demonstrate they are using emerging technologies responsibly and transparently—and for consumers’ benefit—will not only strengthen customers’ trust, but also make it easier to engage with customers on a deeper level.

Companies must put cybersecurity and privacy at the forefront of business strategy to win customers’ hearts—and earn their trust. And they must implement, meet and clearly communicate robust data governance and privacy protection policies.